BITCOINOX

New Study: 20% of Wealthy British Millennials Invested in Bitcoins

millennials

Michelmores LLP, a London-based law firm, conducted a survey of wealthy millennials in the UK and found that 20% invested in bitcoins (BTC) and the other cryptocurrencies.

A survey published by FXStreet on September 17 showed that among those born between 1981 and 1996 with assets that could be invested in £ 5,000 ($31,000) or more, 20% invested in a new asset class.

Almost 7 times more

According to FXStreet, this figure is 20% higher than the national average of 3%, which indicates that wealthy millennials in the UK are almost 7 times more likely to invest in cryptocurrencies than the general public.

Moreover, when it comes to millennials with investment assets worth more than £75,000 ($93,000), the percentage of cryptocurrency investors rises to 29%.

It is noteworthy that 70% of respondents indicated that their investment assets were derived from wages, while 40% said that this was due to investment income.

This interest in investment opportunities means a high level of free ownership of the online trading infrastructure: 35% of respondents said that they invest using e-commerce platforms, and 27% said they consulted with social trading platforms and viewed or participated in e-commerce communities.

Millennials` shares

Michelmore’s survey reinforces studies conducted earlier this year on the other side of the pond. A Bankrate survey in the United States last July showed cryptocurrencies were three times as popular among US millennials as a better choice for long-term investments than for Generation X.

Also, in July, 26% of Generation Z in the United States, usually defined as persons born after 1997, said that in the next 6 months they would have some very, very high chance of buying cryptocurrency.

In April, an industry survey showed that 11% of the US population owns bitcoins and determining the ownership of bitcoins is a “demographic megatrend”, which is led by a young generation aged 18 to 34. However, 89% of U.S. citizens heard about of cryptocurrency, regardless of their generation.

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